Cyber Security Insurance: A Requirement for Doing Business Today
As a managed security service provider (MSSP) protecting our clients data is our life line. We certainly take a level of accountability when it comes to protecting our clients from a cyberattack or data breach. However, there are some things -- that are out of our control.
That’s why your IT security services can't focus only on the prevention, but must also plan for and prepare to respond and remediate attacks as quick and effectively as possible.
Cyber Insurance for Small Businesses
Cyber insurance is a key component in the cyber attack mitigation process and will save your company time and money if you are ever the target of a cyberattack.
Before you start calling around to different insurance companies, one very important thing to know is that many brokers won’t provide you with adequate cyber insurance coverage if you don’t take the preventative measures to protect your business from an attack in the first place. Likewise, your policy will be approved (or denied) and premiums priced out based on your level of risk.
Just like car insurance, you don’t want to wait to shop around until after you get into an accident. If you’ve recently been involved in a ransomware attack or data breach, you will be viewed as high risk, and likely denied coverage.
Aside from the obvious reasons mentioned above to get cybersecurity insurance, many businesses today require a certain level of coverage before agreeing to do business with you. So if you operate in the B2B marketspace and handle any client financial data or intellectual property, you too may be required to show proof of your cyber insurance policy before an agreement is signed. If you fail to meet their coverage requirements, you could risk losing the deal.
Cyber Insurance Requirements for Businesses
At ANP, cyber insurance is one of the first recommendations we make to our clients. We will gladly help you find a provider and get the best coverage possible. If you’re looking into cyber insurance, there are several best practices you will need to adhere to. This is not an extensive list but a great starting place:
- Ensure all hardware and software are patched and updated regularly
- Conduct Regular employee training.
- Require stronger security for c-level executives and accounting staff to protect against their heightened risks of wire fraud, etc.
- Multi-factor authentication. This is one of the most important levels of security today and must be implemented
- End-Point detection and response.
- Data Backup and Disaster Recovery Solution. Having strong and reliable backup solution in place and tested regularly
The Cost of a Cyber Attack
Cybercrime is a constant game of cat and mouse, with security experts and cyber criminals chasing each other to get ahead.
ANP’s CEO Dave Mulvey recently recorded a short video discussing the impacts of a cyberattack. If you have not had a chance to watch this eye-opening discussion, we encourage you to visit our YouTube channel or check it out below.
Get Started with Managed Security Services from ANP
We take cybersecurity very serious, and you should too! The negative impacts of a data breach or cyberattack on your business are simply too high to ignore.
At ANP, we have several tools and processes in place to identify potential threats and isolate them from the rest of your environment to ensure minimal exposure and harm. Our managed security services deliver all of the necessary requirements to not just get approved for cyber insurance, but to also get the coverage your business needs. Our strategic client CIO services interact with insurers on our clients behalf several times a year to make sure all necessary policies are in place. This way you get the lowest premiums possible – which can make a big impact on your bottom line.
If you are overwhelmed with navigating the cyber insurance world, unsure if your current IT environment meet today’s insurance requirements or simply want to ensure your company is doing everything possible to protect your business, contact ANP to talk. We’re here to guide you through and answer any questions you have.
Visit us online for more information about our Secure Cloud Advantage offering that includes our managed security services or email us at firstname.lastname@example.org to sign up for a FREE cybersecurity assessment.